Colón Container Terminal (CCT), which manages Panama's Colón province port, is requesting that the government incorporate an addendum to its 1996 concession contract in order to expand operations, Business News Americas reported.
The company plans to purchase 18.4 hectres of land, currently inhabited by 300 families, for US$200 million.
Also located in Colón, the land will be used to build, develop, operate and manage a new container storage patio in Coco Solo Norte, which is expected to absorb increasing demand from international trade.
The new patio would allow CCT to nearly double annual container handling capacity to 1.5mn TEUs from the current 800,000 TEUs.
Additionally, the company will pay the government US$11.3mn to fund the construction of new homes in order to relocate the families.
The sum will be disbursed by the operator five days after the government approves the purchase, expected on October 24.
The company plans to purchase 18.4 hectres of land, currently inhabited by 300 families, for US$200 million.
Also located in Colón, the land will be used to build, develop, operate and manage a new container storage patio in Coco Solo Norte, which is expected to absorb increasing demand from international trade.
The new patio would allow CCT to nearly double annual container handling capacity to 1.5mn TEUs from the current 800,000 TEUs.
Additionally, the company will pay the government US$11.3mn to fund the construction of new homes in order to relocate the families.
The sum will be disbursed by the operator five days after the government approves the purchase, expected on October 24.